Wednesday, 12 September 2012

Controversy Over The Introduction Of N5000 notes Between CBN Governor Lamido Sanusi And Former President Olusegun Obasanjo’s

Governor of central bank of Nigeria(CBN)Mr. Lamido Sanusi, yesterday replied to the comment made by the former president of the nation gen olusegun obasanjo over the introduction of   N5000 notes to the money market.
Governor of central bank of Nigeria(CBN)Mr. Lamido Sanusi, saying that baba is a good farmer but a bad economist”.

Mr. Lamido Sanusi is speaking yesterday at the Annual Conference of the Chartered Institute of Bankers of Nigeria, CIBN, in Abuja.he was in really totally shock when he hear that baba obasanjo go against the introduction of  N5000 notes to the money market. hear is the statement made by MR sanusi lamido sanusi.

However, Mr. Sanusi in his reaction said that he was surprised that the former President could oppose the proposed N5,000 note given that the high currency denominations in the country, including N1000 note, came into being during his (Obasanjo) regime.
“This is an interesting country because my uncle or my father, who is our former Head of State, Gen. Obasanjo, you know he is a very successful farmer, but he is a very bad economist. He stand up and says that this higher denomination  will cause inflation and improve hardship,” Punch quoted him as saying.
And he continued: “Gen. Obasanjo did N20, he did N100, N200, N500 and N1,000. He introduced higher denominations in Nigeria than any other head of state. He did a N100 note in 1999, he did N200 in 2000, he did N500 two years later and in that period inflation was coming down because it was accompanied by prudent fiscal and monetary policy.
“For somebody (Obasanjo) who had done this to stand up and say introducing a higher denomination will cause inflation must be an empirical, most important determinant of inflation in our country given the number of notes he had printed.”


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